Company Briefs: Noble Group

Noble Group

Noble Group is reorganising its activities for the rare earth and special ores and metals markets under two wholly owned subsidiaries, Kalon Resources and Talaxis, as it seeks to capture growth opportunities.

Kalon will focus on special ores and metals - largely chrome, manganese, tin and tungsten ores - upstream and downstream operations, it said in a statement.

Talaxis will focus globally on cobalt, lithium and rare earth resources. It will also be involved in the research and development of industrial applications.

Marco Polo Marine

Marco Polo Marine said it has won majority support for the redemption of $50 million notes using cash and equity swap at a meeting yesterday.

Note holders holding an aggregate of $39.25 million or 78.5 per cent of the notes had submitted voting instructions or were present at the meeting. Out of the total 157 votes cast, 141 votes representing 89.81 per cent of votes cast were in favour of the resolution.

This in effect, grants the company the green light to proceed with the partial redemption of the $50 million notes maturing in January next year by paying $35,868 in cash. Marco Polo will also issue 1.02 million shares priced at 3.5 cents apiece to its note holders.

The company has cleared the first hurdle on securing the green light from its note holders to pave the way for $60 million in new equity to be injected into its offshore support vessel-focused business.

The new equity pledged by nine white knight investors is conditional on the successful restructuring of $202 million bank loans on its books.

Manulife Singapore

Manulife Singapore will be getting a new chief, two months after the Canadian insurer announced leadership changes. Mr Khoo Kah Siang, who headed Great Eastern Holdings' strategic business development and regional bancassurance, will replace Manulife Singapore's outgoing chief Naveed Irshad, pending regulator approval.

He will join Manulife's Asia executive committee and will report to Mr Anil Wadhwani, whose appointment as president and chief executive officer of Manulife Asia took effect on Monday.

Mr Khoo's appointment starts on Feb 9.

A version of this article appeared in the print edition of The Straits Times on November 16, 2017, with the headline 'Company Briefs'. Subscribe